Bitcoin Price Jumps Past $28,000; Ethereum Climbs On ETF Launches – WorldNewsEra

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Cryptocurrency prices jumped to kick off October. Bitcoin price surged above $28,000 to mid-August highs by early Tuesday while ethereum reclaimed its $1,700 level in anticipation of ETH exchange-traded fund launches. Crypto-related stocks rallied as well. X October is historically a positive month for cryptocurrencies, colloquially called “Uptober” among crypto traders. Bitcoin has declined just twice in October over the past decade, and posted positive gains in the last four Octobers, according to Coinglass data. Ethereum also recorded positive gains in October the past four years and is already up 3.7% in 2023, trailing bitcoin’s 5% gain for the month. It was a welcome move for bitcoin, which has been stuck trading around its $26,000 level since mid-August. BTC clocked a 3.9% gain in September to outperform the S&P 500 and mark its first positive gain for the month in seven years. The immediate cause of the jump wasn’t clear, but the clearing of short positions from the bitcoin futures market may have helped push the pump. Roughly $104 million in bitcoin short positions were liquidated over the week ending Oct. 1, Coinglass data shows, pushing the price of bitcoin higher. About $40.5 million in bitcoin short positions were liquidated over the past 24 hours as of Tuesday morning. Ethereum Futures ETFs Launch Meanwhile, Bitwise Asset Management launched trading for two Ether futures ETFs on Monday after revising its application for a spot bitcoin ETF. The Bitwise Ethereum Strategy ETF will trade under the ticker AETH and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF will trade under the ticker BTOP through the Chicago Mercantile Exchange. “Ethereum now has billions in revenue, millions of users, and thousands of distinct apps and developers,” said Bitwise CEO Hunter Horsley. “As the leading operating system for crypto, ethereum has spread like wildfire. With blue-chip brands like Nike, Starbucks, Adidas, Pepsi, PayPal, JPMorgan and others building and using applications on ethereum, the momentum is only building.” ProShares and VanEck also launched ethereum futures ETFs on Monday. The NYSE Arca will list the ProShares Ether Strategy ETF, ProShares Bitcoin & Ether Market Cap Weight Strategy ETF and the ProShares Bitcoin & Ether Equal Weight Strategy ETF. The VanEck Ethereum Strategy ETF is set to trade on the Cboe Exchange. Valkyrie Digital Assets backtracked on plans to buy ethereum futures for its merged bitcoin and ethereum futures ETFs until receiving official approval from the SEC. Last week, Valkyrie announced plans to launch the renamed Valkyrie Bitcoin and Ether Strategy ETF (BTF) of Oct. 3. Valkyrie says it ceased purchasing and unwound any ether futures contracts positions. The firm still expects to receive the green light from regulators Oct. 3. Meanwhile, Grayscale Investments applied to convert its Grayscale Ethereum Trust (ETHE) to a spot ETF on Monday, CEO Michael Sonnenshein announced via X. Bitcoin Price Action Bitcoin price swung 4.4% higher over the past 24 hours near $28,400 Monday morning. The world’s largest crypto rallied 71.5% so far this year. Ethereum rose more than 2% over the past 24 hours to trade around $1,720 — its highest level since late August. The No. 2 crypto bolted nearly 44% higher in 2023. Grayscale Ethereum Trust jumped 5.9% Monday morning. Crypto exchange Coinbase (COIN) stock popped 3.1% in early trade Monday, but off early highs. Bitcoin miners Hut 8 Mining (HUT), Marathon Digital (MARA) and Riot Platforms (RIOT) leapt between 7% and 14% Monday. You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison YOU MAY ALSO LIKE

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